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Time Sharing Contracts Students: Gabriela Rošková Marína Gandelová
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Content of the presentation Definition of TSC History – beginning of the use of TSC Practical Use Legislative framework Pros and Cons
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Definition Consumer contract TSC = A form of shared property ownership, commonly in vacation or recreation condominium property, in which rights vest in several owners to use property for a specified period each year. Exclusive right to use a property for a specific time attractive service - cheap, usually higher standard than hotels/appartments effective way of using an estate
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History and practical use 1st appeared in the UK in 1960s Used for enjoying vacation destinations Holiday home sharing Cottages, condominium units Possibility to rent to a third person the costs of timeshare can be different depending on the chosen period
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Legislative framework E uropean Directive 94/47/EC of the European Parliament and Council on the protection of purchasers in respect of certain aspects of contracts relating to the immovable properties on a timeshare basis Later - review adopted on 14 January 2009 of the European Directive 2008/122/EC as a guarantee of consumers´ protection, EU regulated main principles that have to be obeyed when entering into contract
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2 forms: 1.fixed period of time – purchaser buys the right to use a property for the fixed and precisely determined periond of time of the year 2. flexible period of time: purchaser buys e.g. 1 week but each year has to reserve the pricise date in advance The contract must be in writing otherwise it´s void. Furthemore it must be written in a language that the consumer understands. A right to rescind the contract is regulated differently in all countries ( e.g. Slovakia – within 14 days since the contract was signed)
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Pros and cons of TSC PROS Good investment Additional services ( fitness, bars, restuarants, pools) Higher security- often monitored Maintenance services provided CONS Floating price Less privacy Only available for fixed period of time
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Thank you for your attention. Grazie !
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